All Forum Posts by: Nick Conley

Jorge, 

He is offering you a rate well below the market. How does the loan amortize? Is it a 30 YR loan? If there aren't any odd terms to it, an interest only loan at 6% with 10% down is something that most people would never be able to get in this market. 

You would want to likely get all of the terms of the loan laid out for you including fees, prepayment penalty, amortization, term, etc. You also may want to check in to the value of the property to make sure you are not overpaying. If it all adds up to what you are saying, I think most people would take that in a second.

Quote from @Shuvrajit Mukherjee:

Quote from @Nick Conley:

Quote from @Shuvrajit Mukherjee:

Quote from @Stacy Raskin:

What kind of loan are you looking for- Hard money to do the renovation or a long term investment property loan to refinance into once the renovation is done and you are ready to rent it?

Long term investment property loan to cash out refinance 

Fannie Mae and Freddie Mac only allow you to close a conventional loan in your personal name, not an LLC. They do allow cash outs, but you have to do a full qualification. PM me if you want to discuss further.

How long is the seasoning period?

 12 months for most cases - more information here: https://guide.freddiemac.com/app/guide/section/4301.5

There are certain scenarios that qualify for delayed financing depending on when/how the property was acquired.

Quote from @Brittany Minocchi:

Nope, it's real - we offer the same HELOC. It requires a full draw at close but there's no prepayment penalty, so nothing stopping you from immediately paying back whatever you don't need. It also has a fixed rate, which is different from most HELOCs.

 Agreed with Brittany, nothing should be stopping you from paying the line down with the funds you withdraw.

Quote from @Shuvrajit Mukherjee:

Quote from @Stacy Raskin:

What kind of loan are you looking for- Hard money to do the renovation or a long term investment property loan to refinance into once the renovation is done and you are ready to rent it?

Long term investment property loan to cash out refinance 

Fannie Mae and Freddie Mac only allow you to close a conventional loan in your personal name, not an LLC. They do allow cash outs, but you have to do a full qualification. PM me if you want to discuss further.

Hi Emily,

I am a lender here in Dallas TX and would be happy to help.

You could potentially do a 2nd lien and not touch your current VA rate through a HELOC that would have a higher rate but be on a much smaller amount of money. You can get out to 80% of your homes value so you would need to be on the higher side for your appraisal, if it is required by the lender.

Feel free to PM me and we can go over it in more detail.

Quote from @Juan Carlos Flores Garcia:

both, are you lender too?

 I can assist with lending yes. I know some realtors in the area so I am reaching out to see who can assist with management. I will send you a PM once I hear back.

Quote from @Juan Carlos Flores Garcia:

Does anyone know about a company or person with experience that can help me managing an apartment in Tulum ?
thank you

 Is it an AirBnb/short term rental?

Quote from @Alex Scattareggia:

Hi Danny.  If you don´t have stated income in Mexico the only real way is if it is new construction, and the developer is offering financing or if you can convince a seller to structure some sort of seller financing.  Seller financing is very rare and even if you do get it, the terms will not be comparable to what you might find in the states. 

There are a few companies now that will finance in Mex based off of your US W2 income.  I have not used them, but I know they are out there. Reach out to @Nick Conley I believe he works for one called Moxi.  

Good luck.  

 Thanks @Alex Scattareggia!

Danny, shoot me a PM and I would be happy to help guide you on your purchase in MX

Quote from @YungChien Huang:

Quote from @Doug Smith:

Rates for foreign investors can run from the upper 8%s to 13%...it really depends on the situation. There have been many restrictions over the years on non-US citizens attempting to purchase property in the US. Most recently, Florida has banned purchases of property near military bases and other sensitive infrastructure by people from such countries as Iran, Russia, and China. You'll want to research those restrictions before moving money to the US. 

Hi Doug, great point! This is noted. Thanks for reminding me of the restrictions. Will definitely look up more details before I take any action. :)

 Hi YungChien, just to follow up on Doug's answer to #2, many lenders in the BP network offer loans to Foreign Nationals. 

Quote from @Ashish Wa:

Hello Folks

I may need DSCR loan for a new construction with the DSCR being under 1. Whats the ongoing rate with this scenario and fees?

 Hi Ashish,

The rate is going to depend on the final DSCR. If you are >.75 but <1 you will have better rates than <.75. I would expect rates to be as @Erik Estrada mentioned to be north of 9 and possibly in the low double digits depending on the whole scenario. Fees will be determined by which option you would like as far as points go and typically length of prepayment penalty (if you add one, you can get a lower rate.)

I am happy to explore this further with you if you would like.